An Phat Plastic (AAA): Products exported to us are not subjected to anti-dumping duty investigations

On March 28, 2018, the US Department of Commerce announced the initiation of anti-dumping duty (AD) and countervailing duty (CVD) investigations on imports of laminated woven sacks made of one or more plies of fabric consisting of woven polypropylene strip and/or woven polyethylene strip from the Socialist Republic of Vietnam (Vietnam). The US International Trade Commission (ITC) is scheduled to make its preliminary injury determinations on or before April 23, 2018.

The merchandises covered by these investigations are laminated woven sacks made of one or more plies of fabric consisting of woven polypropylene strip and/or woven polyethylene strip with HS codes namely 6305.33.0040, 3917.39.0050, 3921.90.1100, 3921.90.1500, 3923.21.0080, 3923.21.0095, 3923.29.0000, 4601.99.0500, 4601.99.9000, 4602.90.0000 and 5903.90.2500. These products are not in AAA’s current focus or in AAA’s expansion plan. Additionally, our key export markets are EU and Japan. Although we plan to expand exports to the US market in near future, the expected export items do not fall into the investigated product list. Hence, we can confirm that there is no impact from these investigations on AAA’s business in 2017.

Established as a small-scale business, after only 15 years of development, currently AAA’s total capacity of seven factories has reached 8000 tons/month, making us the No. 1 in Southeast Asia for plastic packaging manufacturing. However, we will not stop there, our objective for the coming periods is to maintain growing momentum, achieving 1 billion US dollars revenues by 2025, expanding environmental friendly products, creating sustainability for society and enhancing value for shareholders.

In March 2018, AAA was granted the Certificate of stock issuance registration and in April AAA has been completing the procedures to increase contributed capital for investing in laminated packaging and high-tech injection molding factory. These products are expected to earn higher profit margins than current ones, contributing to sales and profit growth of AAA in coming years. Considering the potential of upcoming projects, in 2018 AAA confidently set a high growth target with sales of VND6,000 billion and after-tax profit of VND330 billion, up 47% and 25.5% respectively compared to 2017’s results.

In trading sections of the 3th and 4th of April, AAA’s price jumped back after falling sharply for a series of six sessions. The stock price increased by over 17% and closed on the 4th of April at VND26,500. The rebound of the stock price showed a more optimistic view of investors on such undervalued stock having a good fundamental story.

An Phat Plastic (AAA): Toyota Vietnam highly appreciates the improvement and innovation of An Phat at Hanoi Plastics Joint Stock Company

On April 4, 2019, President of Toyota Vietnam, Mr. Toru Kinoshita and other managements such as Finance Director, Purchasing Director … paid a working visit to Ha Noi Plastic Joint Stock Company (HPC), a member of An Phat Holdings.

Senior management representative of An Phat Holdings and all HPC’s BoD were attended and welcome Toyota Vietnam leaders. The visit and work of Toyota Vietnam’s delegates was a part of supporting program on management and production organization since 2018 for HPC. Under this program, HPC has carried out Dandori (quick mold installation) and Tei-Tei (arranging production on a continuous machine according to plastic type and keep rotating the same principles base on Toyota’s global production principles) to organize scientific production and reduce production costs to the level the shortest.

Currently, Toyota Vietnam is one of HPC’s largest customers.

At the meeting today, the representative of An Phat Holdings and HPC presented the improvements that HPC has applied under the program as well as achievements in production and organizational management.

Mr. Toru Kinoshita highly appreciated the efforts and innovation of all HPC employees. Mr. Kinoshita said that during this visit, he saw clearly the positive changes of HPC compared to 1 year ago, thanks to the spirit of changing and the serious investment of An Phat Holdings since officially owned HPC as a member company.

Representative of HPC, Chairman Bui Minh Hai committed to maintain and further improve to match with Toyota target so that 2 companies can speed up the localization strategy.
Toyota Vietnam and HPC have good cooperation during last decade
–  2010, the number of product was only 01 part.
– 2018, the number of product increased impressively to 30 parts.
– 2019, forecast numbers still continue to increase with strong intention from An Phat Holdings and plastic supporting industry

Certainly, with the new orientation of An Phat Holdings, Hanoi Plastic will have more achievements in meeting the increasing requirements of Toyota Vietnam in particular and other customers in general.


To: Shareholder!

An Phat Plastic and Green Environment Joint Stock Company (Head office – Lot CN11 + CN12, An Dong Industrial Park, Nam Sach Town, Nam Sach District, Hai Duong Province; Business registration No. 0800373586 26th issued by Hai Duong Department of Planning and Investment dated  September 24th 2018Ticker: AAA) would like to invite Shareholder to attend 2019 Annual Shareholders’ General Meeting (AGM), details of the AGM are as follows:

  1. Time: 8:00 am, Tuesday, 16th April 2019
  2. Venue: Head Office of the Company

Lot CN11 + CN12, An Dong Industrial Park, Nam Sach Town, Nam Sach District, Hai Duong Province.

Please Click here to check full Meeting Invitation.

Documents for the meeting please download here.

An Phat Holdings becomes second-tier vendor for Samsung

Becoming a second-tier vendor of Samsung is the sweet fruit of more than one year of non-stop efforts to restructure An Phat Holdings, and will become the basis to realise its ambition to become the Southeast Asia’s leading high-tech plastics manufacturer.

Mr. Cho Chang Hyun, General Director of Elentec Vietnam, and Mr. Man Chi Trung, General Director of An Trung Industries, signed the contract

The sweet fruits of massive efforts

On March 31, An Trung Industries Joint Stock Company, a subsidiary of An Phat Holdings, signed a contract with Elentec Vietnam Co., Ltd. (which is a mobile phone plastic component supplier for Samsung) to become the latter’s second-tier vendor.

According to the contract, An Trung Industries has been supplying plastic components for Elentec since March 2019. These components will be installed on Samsung mobile phones, contributing to bringing “Made in Vietnam” products to customers all over the world.

In order to get this achievement, An Trung Industries had to restructure its operations and invest in technology and human resources to meet the strict requirements of its partner on quality, price, and timely delivery. The company invested VND400 billion ($17.4 million) to develop a 13,000 square metre plant with 42 manufacturing lines imported from Japan and South Korea.

Mr. Man Chi Trung, General Director of An Trung Industries, said, “We had to redouble our efforts to become a vendor for Samsung, which is the world’s leading mobile phone manufacturer with very strict quality requirements.”

The result shows that An Trung Industries’ products satisfy the global standards that Samsung issued for its vendors. It also means that the company’s products are of a similar quality to products manufactured in South Korea, Japan, and Europe.

Representatives of the two parties at the signing ceremony

Mr. Cho Chang Hyun, General Director of Elentec Vietnam, said, “We highly appreciated An Phat Holdings’ investment in An Trung that enabled An Trung to obtain this achievement.”

At present, An Trung Industries is focusing on manufacturing technical plastic components with a capacity of 9 million products per month. Along with Samsung, the company is a partner to 10 other large-scale enterprises operating in the electronics and power sectors.

The company plans to add coating and plating technology lines in order to meet its partners’ requirements.

Ambition to become the leader in plastic supporting industry

In Vietnam, the number of plastic manufacturers is very large. However, most of them specialise in manufacturing household plastic items and only a few enterprises produce plastic to support industrial production due to barriers in investment capital and technology.

Meanwhile, the supporting industry appeared in Vietnam over 20 years ago, after multi-national groups like Honda and Toyota opened their first plants and started looking for local vendors in order to save time and expenses.

In reality, more and more enterprises appear on the selection lists of these large groups, especially Samsung, every year, but only a few can make it into the last selection round.

In Samsung’s case, the corporation assigns experts to nominee enterprises to advise and help them to improve their manufacturing capacity and management processes. At the final round, General Director of Samsung will visit the enterprises to decide whether they can become a vendor. Numerous local enterprises were rejected from the final list because they failed to live up to Samsung’s requirements.

Local enterprises have to improve massively to become vendors for large groups, but more and more are willing to try as they get fruitful results if they succeed. Notably, they will have the opportunity to receive technology transfer and access to the global supply chains. Besides, their brands will be more famous and they will be able to have more large customers.


In An Phat Holdings’ case, the company took advantage of being a leading plastic manufacturer in Vietnam and Southeast Asia to expand its operation. In 2018, the company purchased Hanoi Plastic JSC (HPC) and entered into a co-operation with VinFast to establish VinFast-An Phat (VAPA) Ltd. In addition, the company expanded its investment in An Trung Industries.

Via HPC, An Phat Holdings can take advantage of HPC’s customer base which includes Toyota, Honda, and Piaggio to expand operations. Besides, HPC’s advantage in manufacturing components for automobiles, scooters, and electronic will help An Phat Holdings realise its ambition to set its foot in the supporting industry.

VAPA is a joint venture with VinFast, thus, it will contribute to dealing with the consumption for An Phat Holdings’ products. Finally, An Trung Industries becoming the second-tier vendor for Samsung helped An Phat Holdings affirm its brand in the market, while simultaneously providing an opportunity for the company to continue expanding its operations.

After a review on the operations of An Phat Holdings in the past year, it is easy to see that the general strategy of the company in the supporting industry is investing, expanding operations, and increasing its valuation via becoming a vendor for large groups.

Mr. Dinh Xuan Cuong, CEO of An Phat Holdings affirmed that An Trung Industries and HPC will be the two “key cards” to help the company establish a solid foothold in the supporting industry.

An Phat Plastic Jsc registered successfully data universal numbering system, abbreviated as DUNS or D-U-N-S, strongly enter to international market

An Phat Plastic and Plastic Joint Stock Company (AAA / An Phat Plastic JSC) has officially put business and product information into the international online business directory through successful registration into the Data Universal Numbering System – DUNS® with code 555340400.

On the first days of 2019, An Phat Plastic JSC has completed profile and become one of the newest members on DUNS® by Dun & Bradstreet in Vietnam confirmed. By this event, AAA has gone a further step to integrate into the world market, especially in Europe – America countries which always require businesses to have DUNS® codes. as a passport to make cooperative business decisions.

DUNS® is the Data Universal Numbering System established exclusively and evaluated by Dun & Bradstreet (D&B, USA), a leading US company that provides in-depth and classified information. ranking for groups and enterprises. The D-U-N-S® number is a unique 9-digit number assigned to each business and recognized as a common standard for identifying enterprises in all over the world.

Currently, many businesses in the world are using D-U-N-S® codes of Dun & Bradstreet Company (D&B, USA) as a solution for globalization. DUNS® codes help businesses validate the existence and operation of their own businesses, as well as provide the official business data that allows partners to search and learn about businesses including geographic location, company address, business structure and financial transparency information. In many cases, DUNS® codes are a tool to provide businesses with a comprehensive picture of risks and opportunities in cooperation relationships so that businesses can make important decisions.

An Phat Plastic JSC has passed the evaluation procedures by D&B and officially presented information on this system that not only confirm strength of the leading  plastic bag manufacturer in Vietnam and Southeast Asia but also create new opportunities to develop market share in the international market and cooperation development with foreign partners through online interaction on the system. Now the global partners can actively look for information and connect with AAA through Duns & Brandstreest Vietnam’s online business directory via the website: or click on the icon-  DUNS Registered on AAA’s website: (left corner at the bottom of the homepage)

For nearly two centuries, Dun & Bradstreet has helped customers and partners accelerate growth and improve performance through the power of data and analytics. Our nearly 5,000 employees around the world are dedicated to this unique purpose, and we are guided by important values that make us the established leader in commercial data and insight.

US Embassy lauds An Phat Holdings for new factory in US

The environmentally-friendly packaging factory of An Phat Holdings JSC is expected to be put into operation in the first quarter of 2020 to deliver products to the northern US area. 

On January 31, 2019, An Phat Holdings JSC (code: APH) received the high-level delegation of the US Embassy in Vietnam, including Eric Hsu (commercial counsellor), Ton That Tuan, and Tuyet Tress, visiting An Phat Plastic and Green Environment JSC (An Phat Plastic), a subsidiary producing plastic thin film packaging. 

APH has been strengthening business and affairs in the US recently. Accordingly, APH will develop a factory to produce environmentally-friendly packaging in the country, namely An Phat USA. The factory is expected to be put into operation in the first quarter of 2020 and deliver products around the northern US first. 

An Phat Plastic welcoming the US Embassy delegation
An Phat Plastic welcoming the US Embassy delegation

The products of An Phat US contain biodegradable microcomputer bags, PE bags, and other environment-friendly plastic items. The factory will apply high-technology, synchronous automation, and optimise capacity through 300 modern machines. 

This move is part of the strategy of expanding and developing APH’s global market, as well as show the group’s determination to become a leading group of high-quality and environmentally friendly plastic products in Southeast Asia. 

An Phat Plastic's chairman Pham Anh Duong introducing some of the company's products
An Phat Plastic’s chairman Pham Anh Duong introducing some of the company’s products

APH’s plastic thin film packaging is now present in more than 100 countries and regions over the world, including fastidious and demanding markets like Japan, the US, and the EU. Especially, biodegradable microcomputer bag AnEco has been highly appreciated by customers over the world. Developing a new factory in the US will enable APH to approach global customers with environmentally friendly and affordable products. 

Also during the visit to An Phat Plastic, Eric Hsu, commercial counsellor, and Pham Anh Duong, chairman of APH, discussed the business opportunities of APH in US. Eric Hsu highlighted APH’s efforts in developing its business network across international markets, particularly in the US, which will strengthen trade exchange and the socioeconomic development of the two countries. 

Eric Hsu reviewing some products of An Phat Plastic
Eric Hsu reviewing some products of An Phat Plastic

APH is a leading company in the field of advanced technology and environmentally friendly plastic production in Southeast Asia. With 11 member companies, two of which have been listed on the stock market in Vietnam, focusing on the sectors of environment-friendly plastic bags, high-tech plastic resin, chemical and plastic additives, and plastic inputs, the company set the target of $1 billion in revenue by 2025. 

Along with the world trend to shift the consumption of high-tech plastic products to replace normal ones, APH has poured so much into R&D and upgraded machines to produce environmentally friendly products. AnEco has achieved numerous international certificates for its “clean” and “green” products. 

The company is also planning to develop a self-destructive fork and knife manufacturing factory in Vietnam, contributing to protecting the environment and the Earth. 


Dear Our Valued Shareholders and Investors,

As 2018 comes to a close, first and foremost, we would like to send best wishes and our sincere thanks to you, our valued shareholders and investors who have been greatly supporting AAA for the past year.

The year of 2018 saw numerous changes in the global politics and economy with countries increasing protectionism, the China – US trade dispute, and the unpredictable fluctuations of oil prices resulting in significant difficulties to companies in plastic industry. Meanwhile the Board of Management and our employees did make substantial progress in reaching the business plan set by General Meeting of Shareholders, which were:

– The consolidated revenue for 2018 is expected to reach VND 7,000 billion, exceeding the plan by 17%. Specifically, the revenue of packaging segment has risen by 40% compared to 2017’s due to Factory No. 6 and 7 operating at nearly full capacity. Our market share in the European and Japanese market has remained stable while exports to the USA is on the increase.

– Net profit for 2018 is expected to reach VND 200 billion, accounting for 60.6% of our business plan. The earnings results fell behind our plan because: 1) to ramp up utilization rate of Factory 6 and 7 that just came into operation in 2H17, we maintained stable selling price despite fluctuations in raw material prices; 2) the resin offtake contract with domestic producers was behind schedule.

2019 is likely to create both opportunities and challenges for us. The unpredictable movements in oil prices require us to seek for strategic suppliers to secure competitive raw material prices and to adjust sales policies in favor of short-term orders to mitigate the input price risk. On the other hand, the current global trade tension, specifically the China – US trade dispute, has enabled us to increase exports to the US market. Also FDI companies moving their manufacturing from China to Vietnam has fostered extensive opportunities for An Phat High Technology Industrial Park’s increasing occupancy rate.

In 2019, we expect to reach VND 7,900 billion of consolidated revenue and VND 510 billion of net profit (up 155% y-o-y), enabling the earnings per share (EPS) of VND 2,550 and the expected dividend rate of 10-15% for shareholders. The strong earnings growth will come from our great efforts to improve profit margins by optimizing product portfolio in packaging segment; the increasing occupancy rate of the industrial zone An Phat Complex; the higher profit margins in trading segment thanks to resin offtake contract as well as the profits contributed by recently launched the industrial packaging project, An Vinh, and the injection molding engineering plastic project, An Trung.

We hold the strong belief that backed by your trust, the significant steps we have made towards the strategic goals and the tireless efforts of our executives and employees, AAA will continue to strengthen the position in the plastic industry and improve shareholder returns in 2019 and the years to come. Once again, we would like to thank you all for your support and trust in us!


                                                                                                                                                         Chairman of the Board




                                                                                                                                                                Pham Anh Duong

An Phat Bioplastics (AAA): Management Letter in 2019

Dear Shareholders and Investors!

2019 is coming, we would like to send our best wishes and sincere thanks to our shareholders and investors who have supported and accompanied AAA in recent years.

In 2018, the global economy and politics was unstable, with an increase in trade protectionism, the US-China trade war kept happening, the oil prices frequently fluctuated causing many difficulties for plastic producers. In this context, Board of Directors, Board of Management and the total employees of AAA have made every effort to achieve the goals set by the General Meeting of Shareholders, specifically:

–           Consolidated revenue in 2018 was expected to reach VND 7,000 billion, exceeding 17% of the plan. In particular, revenue from packaging increased by 40% compared to 2017 thanks to the operation and increased capacity of factories 6 and 7. Export market share in Europe and Japan remained stable, along with increasing exports to the US market.

–           Profit after tax was estimated at 200 billion VND, equivalent to 60.6% of the plan. Due to the policy of stabilizing the selling price to accelerate the operation capacity of new factories for packaging, and owing to a number of delayed contracts to early 2019, the profit did not meet the proposed plan.

–           Profit after tax was estimated at 200 billion VND, equivalent to 60.6% of the plan. Due to the policy of stabilizing the selling price to accelerate the operation capacity of new factories for packaging, and owing to a number of delayed contracts to early 2019, the profit did not meet the proposed plan.

In 2019, it is expected that there will be a lot of opportunities as well as challenges for AAA, when the oil price oil is unpredictable, requiring AAA to expand the supplier network to get the competitive material sources, and continue applying the policy of signing short-term orders to minimize the risk of fluctuations in raw material prices. However, the world trade tensions, particularly the US-China trade war, also create opportunities for AAA to boost exports to the US market and the shift of FDI enterprises from China to Vietnam also brings potential opportunities to take advantage of An Phat Complex High-Tech Industrial Park.

In 2019, we expect a revenue of 7,900 billion and profit after tax of 510 billion (an increase of 155% over the same period, equivalent to 310 billion). This profit growth ensures the earnings per share (EPS) of VND 2,550 and the expected dividend of 10-15% in 2019. Strong growth in profit after tax comes from the improvement of profit margin and restructure the product portfolio of AAA, accelerate the exploitation of An Phat Complex Industrial Park, improve the net profit margin of An Thanh Biscol’s raw material trading activities and profit from An Vinh industrial packaging project and An Trung engineering plastic project.

AAA’s Board of Directors and Management believe that based on the positive foundations that it has built with the appropriate business strategy, competence, will and responsibility of the management team and employees, AAA will continue to consolidate and enhance the position in the plastic industry and strive to create higher value for shareholders in 2019 and the following years.

Sincerely yours,                                                                                                                              

AAA General Director: Business results will grow strongly in 2019, An Phat Complex will surely bring positive profits

An Phat Plastic and Green Environment JSC (AAA) is Southeast Asia’s number one enterprise in manufacturing thin-film plastic packaging with a total capacity of 8,000 tons of products / month. Not only exported to Japan and Europe, recently AAA has provided compostable AnEco  bags tVinmart supermarkets. With a growth business, AAA hamaintained a strong breakthrough for many years. Recently, Mr. Nguyen Le Trung – General Director of AAA has shared with us about the business results of 2018 as well as the business plan of the next year. 

“… Currently AAA is going in the right direction and we are using the right investment source. Long-term projects require a certain amount of investment and time to get good results and in the near future, AAA’s profits will grow strongly again. In 2019, we aim for AAA’s consolidated revenue target of VND 7,900 billion and net profit of VND 510 billion. ” 

Details please see here

Common decomposition measurement certificates

As you know, there are a lot of products on the market now labeled with “bio compostable bags”, but it is still unclear between the concept of decomposition and decay into microplastics.
Below are the most specific concepts about the “bio compostable” standards that the world follows, and you can be assured of the quality when seeing these standards:
•    Biogradable Product institute (BPI): The product will safely decompose under the separate industrial composting conditions.
•    European Bioplastic: The product will safely decompose under the separate industrial composting conditions.
•    Vincotte OK bio based: The product is made from plants, without assuring of decomposition.
•    Vincotte OK compost: The product will safely decompose under the separate industrial composting conditions.
•    Vincotte OK compost HOME: The product will decompose under home composting.
•    Vincotte OK biodegradable SOIL: The product will decompose when buried in the ground.
•    Vincotte OK biodegradable WATER: The product will decompose in water (without assuring of decomposition under seawater).
For the final product, as in this case, a bio compostable bag, the input materials must satisfy the standards above, of which the two most widely used types of bio compostable plastics are PLA and PBAT. An Phat’s “bio compostable bags” are made from Ecovio materials of BASF and Mater-Bi – the world’s largest chemical groups from Germany, Novamont respectively.
Ecovio is a compound of both PLA-PBAT, ensuring smooth and softness. Mater-Bi, meanwhile, is primarily a PBAT resin extracted from non-GMO corn starch and vegetable oil, grown in Europe wiht conventional agricultural methods. Most importantly, both of those ingredients are certified with Vincotte OK compost HOME.
With the information above, you are assured of the quality of An Phat’s bio compostable bags, by using these bags, you have make a great contribution to the environmental protection!


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